Financial Pressure

How to deal with financial pressure

Posted on 26th November 2013

Financial pressures are something that many of us know. Whether you are a graduate or if you are married with children, financial pressure will show its face in the future. According to a report by Forum for the Future, financial pressures will be part of economic life in 2030. If you are under financial stress, use these methods to manage it:

  • Write down your thoughts:

    Some people like blogs while others like to use diaries. You should always keep track of what you are thinking about money so that you can see your train of thought.

  • Talk to someone:

    Whether this is a friend or a professional, talking is a good way of keeping check of your feelings about money. It is seen as something that you should never do which is to talk about money. However, if you are worried about your finances, don’t bottle in all of your feelings. Make sure that you talk to someone.

  • Have budgets on paper:

    Even due to the rise of the Internet, there is something comforting about having your budget written down. Attempt to write down budgets for everything whether this is for use of your car or for clothes shopping. Budgets hold you accountable for your financial decisions and they take the strain out of your future finances as well.

New survey shows gap in savings between men and women

  • Fresh statistics from the National Savings & Investments (NS&I) show that women in the UK are struggling to keep up with savings requirements. The Quarterly Savings Survey from NS&I found that women are only saving around £72 per month while men were saving £103.
  • NS&I have found that savings levels are dropping and this is probably due to financial pressure that people are experiencing across the board. The financial crisis has left women and men on different sides, as men are becoming more aggressive and women are trying to keep up. The NS&I survey also showed that 24% of women did not put any money away each month which is a large percentage of women in the UK.
  • On one side, 48% of women said they have enough money in the bank to deal with a financial emergency, while 57% of men feel this way. Bridging the gap between the genders in savings is one of the most important things that we need to do. Savings is not about gender, it is absolutely critical for all of us to save money for our future.

Dealing with money issues is something evens the super wealthy think about. Money affects everyone. The question is how you let it affect you. Always approach your personal finances with a cool, calm and collected way of thinking.

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